U.S. inflation for basic necessity rights is skyrocketing

Oh FFS. It’s a FACT that Obama started the recovery after Bush tanked the economy. It’s a FACT that Obama started the longest period of economic growth in history. Those are just FACTS.

Odd that Obama had to rescue the economy from a republican who tanked the economy, and then handed that growing economy to Trump, and it got tanked.

Please stop with the “they were part time jobs” BS. You leave out that over 47% of the jobs Obama created were in the “high wage” category. THE ECONOMY GREW!!!!! People being able to work less, and make the same wage…..oh the HORROR !!!!

 

Trump also saw what was going on around the world and did what he could do to fix a lot of it. But, the general public just doesn't understand these complex issues and voted out the only person I believe that can solve the new problems Biden has harmed the world with.

 

Here is what Larry Summers, former Treasury Secretary had to say on the subject back in May. Guess he was right, eh what?

Summers, a top economic adviser to former Presidents Barack Obama and Bill Clinton, warned earlier this year that Biden's $1.9 trillion Covid relief bill might overstimulate and damage the economy by sparking excessive inflation.

https://www.cnn.com/2021/05/12/politics/inflation-worries-larry-summers/index.html

 

That's very true. But most Americans don't care about the rest of the world. They care about here and how the rise in prices is affecting them, not the world. Here's a good article.

How the global supply chain crisis is posing a political problem for President Biden

https://www.yahoo.com/news/global-supply-chain-crisis-posing-192443673.html

This does has the potential to really hurt the democrats next year. Especially after a winter where heating bills double and the price of food goes up along with the price of gas. They're expecting Biden and company to fix this. Whether they can or not, whether it's the Democrats fault or not is totally irrelevant. The perspective is there that it is. Truth, reality has little room in politics.

 

I get it, Trump lies all the time, so you assume everyone does

 

Possibly, but as you noted ALL politicians say that about serious problems they can't solve immediately (which is most of them BTW). With Trump it was COVID, with Biden it may end up being inflation. We'll see. As I noted previously inflation per se isn't a problem if its confined to a band in the low/mid single digits while anything close to zero is also problematic if it persist (which it has), for too long.

Your probably aware of this anyway but for the sake of clarity. The issue with zero or rather close to zero inflation & interest rates is that firstly over time they distort share prices simply because in the absence of a decent rate of return anywhere else simply there's no other place for people to park their money. Secondly it also encourages unrealistic/unsustainable borrowing by investors across most if not all asset types.

How many average or under performing companies are there out there that have seen their stock prices rise far beyond what would normally be expected if people could invest in other liquid assets and get even 4-5 % for their money given the current inflation rate? The problem is that global stock markets have by and large been living through their 'Die Glückliche Zeit' underpinned largely by those low rates. And when it ends? There has to be an adjustment. And no I'm not predicting market collapse, just that it's unrealistic for anyone to expect the status quo to continue indefinitely. Since it now looks like it is changing, well the market will have to adjust.

Whoever in charge at that time will get 'blamed' of course but again the problem has been in the making for the best part of a decade now and low interest rates couldn't continue indefinitely. So Biden now gets to carry the can. I make no prediction about how well he'll do it and other people shouldn't either given the outcome will depend largely on the what expert advice he is given and how he responds to it. And yes, I'd say the same if Trump was in charge.

 

A neighboring region has the highest rate of inflation, quadrupling in under a month.

Democrats did this

 

US policy toward inflation has been to keep it very low for a sustained period. How much I run up on a credit card isn't their concern---it is how much they can run up on the public's credit card. High interest means they can buy fewer votes.

Stocks are somewhat detached from the day to day living costs. Like a great many Americans, every month several hundred dollars of my money goes into the market via my retirement plan that are collectively chasing a rather limited supply of the same stocks directly or indirectly through funds. Part of the reason I focus those investments on europacific funds is to hedge against the very ugly days ahead for the dollar and the NYSE. It will come eventually--maybe 5 years from now, maybe 20 years from now. I have like 40 years between me and my retirement so that is a mighty big window for the wheels to come off.

 

That's been pretty much the policy everywhere in the west ever since bad old days of high inflation in the 70s and 80s. Everyone tasked their Reserve Bank with keeping inflation in a low band range around the 2-5% mark. And it was highly successful. Until quantitative easing.

I didn't try to outguess the market either. Simply researched the best investment/superannuation funds available. Had the luck to be able to access one that provided a part defined benefit before they were all closed to new members then went with an indexed fund with any spare cash. I've done all right. Its younger generations I worry about.

 

None of those are "basic rights".

 

I love how nothing is biden's fault.

I guess when you have nothing worth a damn to report as a accomplishment that's what you're left with denial...

 

I agree about quantitative easing. We got ourselves into a liquidity trap that QE policies just made stickier with the fed's obsession with inflation--only instead of high savings like was envisioned when the theory was first introduced into economics, people now use stocks in its stead, be it it their retirement plans or their robinhood accounts. We are still in it.

 

I have no problem criticizing Biden when I am presented with evidence that he's responsible.

I hear about the rising price of gasoline as a direct result of Biden's policies.

The problem is that oil is rising all over the planet...

 

And nothing about the $3 Trillion spent by the Trump admin in their last year in office ?

Also, remember that Bidens “spending” was largely tax cuts, while the Trump administrations was direct spending.

My point in this is that inflation is an effect of MANY things, of which spending is part of, but it is also largely effected by supply chains, and many other market forces. We see this playing out right now. This has been coming for a very long time from a LOT of different areas, but blaming Biden directly for the state of this economy is laughable

 

it is also a fact that Obama had the slowest economic recovery if not in history at least since the end of world war II so there is that

 

it is also a fact that Obama had the slowest economic recovery if not in history at least since the end of world war II so there is that

 

That’s just more right wing BS. Obama had to save this country from the republican policies that almost destroyed our economy.

The recovery happened, and it saved the US economy. It also started the longest economic growth in American history. That’s not hyperbole, its a fact.

 

So you say I have read for many different sources that he had the slowest economic recovery at least since world war II

 

"necessity rights?" are those in the constitution, or just another fantasy from the lunatic right?

prices, under economics 101, are determined by supply and demand, not trump's whining,.

 

the 2008 crash was the worst recession since wwii as well. i'm sure obama is responsible, after all, he was a junior senator.

 

You mean the one caused by the subprime mortgage lending crisis?

You liberals try to pin that on George Bush but you ought to look back a little further that was good old Bill Clinton another Democrat

 

pin that exactly where it belongs - on wall st.

 

NO, is a BS dodge. Your saying: “well I know he saved the economy from the policies we wanted, and they were what screwed us, but It could have been faster”

 

Could you do me a favor and substantiate that claim? Also, explain to me how the Biden admin is responsible for supply chain disruptions, an after effect of COVID, causing inflation. I eagerly await your reply.

 

Clearly you don't remember the details of the Bush Great Recession very well.